The price received for the Sept qtr is way down from the Platts/ Custeel price for the quarter.
Grange has reported a price received of US$95.17/tonne FOB (last quarter US$139.04/t) FOB
The Custeel average pellet price for Sept quarter was US$142.56/t and US$206.19/t CIF China for the June qtr, the difference in the price received by Grange is explained by the cost of freight but more importantly by the final pricing settlements. Since the sales price has gone down in the past 2 qtrs then the price received is adjusted down as its typically finalised in the next quarter.
Once the price starts picking up then the reverse situation arises and the price received more closely follows the Custeel price less freight.
Currently the average pellet price for this quarter so far is US$132.68/t , so while there is still some downside risk I'd doubt its much.
Ann: GRR - Quarterly Report for 3 months ended 30 September 2022, page-9
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